I'm aware of the importance of air control, but if we pour all the money into the fighter force we negate the things that will actually win the war. No point in air control if you don't have the land or maritime forces to use it; nor the air lift to move it. And I'm sorry, but USAF or IAF F-35's fighting an ISIS air defence system is a laughable example of a peer threat. The peer threat is the PLA - and it's been designing itself to fight an airpower focused, 5th generation force.
The GAO report isn't particularly friendly, especially to early adopters who (depending how you read footnote 13) may never get some or most of their aircraft to Block 4. L-M is consistently late, and they've been force to raise costs, reduce scope and shift delivery to the right by at least 5 years. So, again:
We cannot afford all of the capabilities of a modern military. We don't run heavy bombers, significant space based assets, significant industry and the like. We rely on our allies, notably the US, to provide most of that. At some point, there is going to have to be a discussion about if we can afford 3 Sqn of fighters, let alone one.
Augustine 16th law is still on track to be proven,
aircraft continue to cost more and the tech needed to be a
6th or onwards generation fighter is not going to be inline with today's cost.
Economics is as much, arguable more, of a feeder to strategy than kit